On SouthCoasttoday.com there is a news story quoting Barney Frank as saying “There is money to lend and projects worth borrowing money to do. But people are afraid to lend. That’s what we’re trying to unfreeze.”
Democrats and Republicans decided the way to do this is to take 250 billion dollars of tax payer money and give it to banks. (I guess banks are people) And, right now, banks are so afraid to lend money that they are seriously considering using borrowed money to buy, uhm, more banks that are afraid to lend money. This of course gives the acquiring banks more deposits (also knows as assets) with which to lend, (oops, I mean) buy more banks.
While President Bush uses his radio time this morning to assure us there is reason for optimism about the country’s economic outlook, the government is actually making it more difficult to get out of this hole. The odds are the most radical lefty the country has produced will be in the White House with the added bonus of a super majority in Congress. They are already planning their second economic stimulus package and according to Steve Urbon of the Standard-Times, Barney Frank may use a 25 percent cut in the military budget to help finance it.
The military budget is just a tad complicated but the OMB says the 2009 proposed budget was 594.5 billion dollars. And that is just the base spending to keep us in military readiness. You also have to add in money for Homeland Security and supplemental spending for the War on Terror. This probably adds up to what we just gave our financial institutions to-un screw their screwup. So, Barney Frank wants 25 percent of this plus more so we can pay for other people’s health care expenses, food stamps, extended unemployment and so on. Are these entitlements really more important than our national security?
It seems to me you can only do this once. After spending, then taxing, then spending, on the scale we are spending now and taxing in the future, you are done! What well do you go to that isn’t already dried up? Small business across the country will have laid off and cut margins to the bone just to stay viable. Just where is all this money coming from? Who will Congress rob next? As Ray Charles would say, “somebody help me with this song”.
